De Tomaso has reportedly been bought by Switzerland's L3 Holding.

De Tomaso has reportedly been bought by Switzerland's L3 Holding.

According to Auto Motor und Sport, De Tomaso was auctioned off yesterday and L3 Holding submitted the winning bid which is believed to be about €2 ($2.1 / £1.4 million). This was reportedly enough to beat rival bidders from China and Italy.

Little is known about the company's plan for the ill-fated brand but reports have suggested L3 Holding will open a new factory near Turin and begin production of a new mid-engine sports car by 2021.

De Tomaso reportedly sold to a Swiss firm, new mid-engine sports car planned